Finland's Orkla has made a formal bid to acquire the Kotipizza business, following an announcement on 22 November that it was seeking to buy the chain.
As part of the tender offer, Kotipizza’s shareholders will be offered a cash consideration of €23 for each share, valuing Kotipizza’s equity at approximately €146.1 million.
Kotipizza's board of directors has 'unanimously' recommended that shareholders accept the offer from Orkla, according to a company statement.
The offer period under the tender offer starts today, 7 December, and ends on 15 January 2019, subject to any extension of the offer period.
Well-Run Company
At the time that Orkla's plans were announced last month, Peter A. Ruzicka, president and CEO of Orkla said, "Kotipizza Group is a well-run company with competent management and a well-functioning franchise model.
"The acquisition of Kotipizza is in line with our strategic ambition to increase our presence in channels with faster growth than traditional grocery, and we see a good match between the two companies."
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
